"Fed’s policy of acting to hold interest rates well below free-market
rates in recent years has had the effect of greatly diminishing the
earnings of people who rely on interest income. Such people include
especially many retirees who do not wish to hold risky assets with
substantial variability of earnings. In the past, many retired people
have held the bulk of their wealth in the form of bank certificates of
deposit, bonds, and bond-heavy mutual funds, hoping that their incomes
would be secure and predictable when they were no longer working. The
Fed’s actions in recent years have taken a heavy toll on such people’s
earnings."

MP: Bob refers to a graph showing personal interest income in
nominal terms, displays a graph of the PCE price index, and discusses
how the effects of reduced personal interest income would be even more
dramatic if adjusted for inflation. The chart above combines those two
charts into one, and displays real personal interest income adjusted for
inflation...MORE